UK Finance annual fraud report 2024

UK Finance has published its annual fraud report for 2024 which sets out the amount of payment fraud and scams UK Finance members reported in 2023. Highlights include:

  • criminals stole £1.17 billion through unauthorised and authorised fraud in 2023 – this is a 4% decrease compared to 2022;
  • banks prevented a further £1.25 billion of unauthorised fraud through advanced security systems – this is a 7% increase on the previous year;
  • 76% of APP fraud started online – these tend to be lower value scams, eg purchase scams; and
  • 16% of APP fraud started through telecoms networks – these tend to include higher value scams, such as impersonation fraud.

Lucy Hadrill